The director of the central bank’s payment systems development and regulation department announced: The addressee of the circular for digital bank branches is the banking network, and if a bank wants to open digital branches, it must follow this directive.
According to the Iran digital economy annotation, Ameneh Nadalizadeh, in the second think-tank meeting of the Fintech Association, stated this and added: the roadmap for the regulation of Neo-banks continues.
According to what is predicted in the central bank guidelines, the path or framework of the activities of Neo-banks is supposed to be determined by the end of the first quarter of 2024.
According to the public relations report of the Fintech Association, Nad Alizadeh emphasized that no regulation has been made to limit Neo-banks.
Also, in this meeting, the representative of the central bank’s supervision deputy, Safari, announced: The approval of the digital branches of banks has been prepared with the interaction between the central bank and the country’s banking network, and in this approval, the considerations of the various central bank’s deputies have also been taken into account.
Mehdi Ebadi, the vice-chairman of the payment commission of the Fintech Association, criticized the Central Bank’s digital branch resolution in this meeting and said: The Central Bank’s model in this resolution is such that Neo-banks must provide the same services, which is incompatible with the spirit of innovation.
He pointed to the central bank’s emphasis on not having a separate chorus for Neo-banks and said: “In the current situation, core banks do not respond to the needs of Neo-banks, and the reference of the resolution to the way of advertising and branding of Neo-banks seriously harms the nature of innovation of Neo-banks and their services.”
Navid Rajaipour, Vice President of the Fintech Association, pointed out two approaches from the side of Bank-tech companies, one approach is to interact with the central bank and influence the rules and documents before publication, and the other approach is to form a Bank-tech Commission to synergize and strengthen the Neo-bank sector.
He considered the published document to be different from the plan of the Central Bank’s New Technologies Vice-Chancellor and considered his serious criticism of the Neo-banks document to be due to the absence of effective and active people from Bank-tech in its compilation.
Mehdi Fatemian, the chairman of the Board of Directors of the Fintech Association, also pointed out the necessity of establishing a Bank-tech Commission and invited the activists of this field to cooperate in forming and participating in this commission.
In this meeting, Mehrdad Andami, Bluebank’s product team manager, spoke about the need to provide new services and embedded finance in Neo-banks.
Soroush Akbarzadeh, the manager of strategy and business development of Kidzy regarding the provision of financial services to generation Z and Alpha, said: The technology of generation Z and Alpha has reached the end of its life until it reaches the legislation and framework, and this generation does not wait for technology legislation like previous generations.
Pouria Yaghmai, CEO of VieBank, said about the new documentary of Central Bank: This documentary has reduced the motivation of Neo-banks, especially in the private sector, to zero. He added: If we are going to continue with the model of the Central Bank’s new circular, we should say goodbye to innovation, creativity, attracting domestic capital from the private or even international sector and go back to 10 years ago.
I suggest that instead of unilaterally issuing a circular to demotivate everyone, a group work should be created with the presence of representatives from all Neo-banks and the central bank, so that after hearing all the concerns of the parties, a more complete and comprehensive plan will be created so that all Neo-banks can continue their activities in Let them continue to be calm and the regulator should not worry about their path.
At the end of this meeting, it was decided that Bank-tech companies will submit a draft and proposal to the Central Bank by the end of January this year.
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